Funding constraints inhibit office development in Dublin

Vacancy rate is below 10 per cent for first time since 2000

A limited number of real estate trusts, pension funds and private equity players dominate the Dublin office development market, according to new research published by Davy Stockbrokers.

Project capital stacks are skewed towards equity, the survey finds, and debt is possible only for developers with robust balance sheets or with pre-lets in place.

New supply will be measured out cautiously in the run-up to 2018, according to the survey, and fears of over-supply ...